Santander Sets Up SME Financing Platform

   By Cristina Roca

Banco Santander SA (SAN.MC) said Thursday that it has set up a financing platform for small and medium enterprises in Spain and will provide up to 900 million euros ($994.9 million) in private debt.

The Spanish lender said the new platform, which will be called Tresmares Capital, is being created mainly for companies with earnings before interest, tax, depreciation and amortization of EUR1 million-EUR7 million.

Tresmares will work separately under the bank's governance, and the EUR900 million private debt fund will be backed by Santander's balance sheet, the bank said.

A private equity investment fund worth EUR175 million, in which Santander will hold 40%, will also be set up, Santander said.

Write to Cristina Roca at cristina.roca@dowjones.com; @_cristinaroca

(END) Dow Jones Newswires

December 12, 2019 05:42 ET (10:42 GMT)

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